Now, I only play very occasionally, and in fact, more piano than clarinet or sax.
ALAN GREENSPANThe tub helps me relax, and it’s a great place to read.
More Alan Greenspan Quotes
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Any informed borrower is simply less vulnerable to fraud and abuse.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
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In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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The Iraq War is largely about oil.
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The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.
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It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
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The arts develop skills and habits of mind that are important for workers in the new economy of ideas.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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If we were to do that we would increase the supply of skilled workers that our schools have been unable to create and as a consequence of that we would lower the average wage of skills and reduce the degree of income inequality in this country.
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The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.
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Yet deregulation set the stage for an enormous wave of creative destruction in the 1980s.
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As long as we issue fiat currency, I see no alternative to a legal tender law.
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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Fiat money in extremis is accepted by nobody. Gold is always accepted.
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If I say something which you understand fully in this regard, I probably made a mistake.
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Such caution seems especially warranted with regard to the sharp rise in equity prices during the past two years. These gains have obviously raised questions of sustainability.
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Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes.
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Revolutions are something you see only in retrospect.
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The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
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Indeed, better risk management may be the only truly necessary element of success in banking.
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There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
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Deficit spending is simply a scheme for the confiscation of wealth.If I seem unduly clear to you, you must have misunderstood what I said.
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Credit-default swaps, I think, have serious problems associated with them.
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They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
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These days, even out of office, I still read economic reports.
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History demonstrates that participants in financial markets are susceptible to waves of optimism.
ALAN GREENSPAN